50K maintainence

[premcileveri]

Hi, Do i need to maintain the 50k in the bank account till I get my visa ?

[Lucapooka]

No.

[rizwan567]

I would disagre with Lucapooka on this.

If the funds are held abroad and since the money is to be invested in the UK so money needs to be in the bank account until you get the visa. The only exclusion is if you you withdraw money to invest in business.

50k or 200k is investment funds not maintenance funds which can be withdrawn.

As per my understanding ukba would never issue the visa if at the time of they inquiring money is not contained in the claimed account.

[Lucapooka]

It's necessary to show that you have access to funds to apply for the visa and the extent of the UKBA enquiries rest with the evidence that is provided. They have no direct access to client's details held with banks or FIs and nor would banks of FIs talk to the UKBA about their clients. So bad evidence = no visa. After that it's really none of the UKBA's business what you do with that particular money from that particular source. Obviously, if you hope to extend your leave in this category you need to fulfil certain requirements and one of those is to have seeded a capital sum of 200K or 50K into your business. Some may choose not to do this and forfeit their right to an extension. Others will choose to go ahead, but the actual money they eventually inject into the business (which can happen up to three years later) does not have to be the exact same money that was shown for the initial grant; it can come from a completely different source, country, whatever.

The only problem with disposing of the capital sum before the visa is granted is, if the application is refused, and the applicant wishes to re-apply rather than appeal, he will not have the money to show for the second application. Or that he will not find another similar sum within the three year period and thus find himself up the proverbial creek. Otherwise, it's fine to dispose of the money once the application is lodged if one understand the risks.

[innovative_entrepreneur]

@Lucapooka ....So do you mean to say that UKBA only confirms the bank statements provided to them if they are genuine. They do not confirm the current account balance of the applicant at the time of their query. Can you please clarify this? Many Thanks

[Lucapooka]

The bank statement or the letter (because bank statements are not accepted for funds held outside the UK) confirms the funds. And that is why the type of information on the letter and provenance of the letter is so important.

[innovative_entrepreneur]

The bank statement or the letter (because bank statements are not accepted for funds held outside the UK) confirms the funds. And that is why the type of information on the letter and provenance of the letter is so important.

My apologies for not explaining clearly. I am asking about bank statement for applications made inside UK. So will UKBA rely only on statements or do they further inquire for current account balance of the applicant to the bank or not?

[Lucapooka]

You bank wouldn't speak to anyone from the UKBA. It's not permitted by law.

[innovative_entrepreneur]

You bank wouldn't speak to anyone from the UKBA. It's not permitted by law.

Well I am not sure if its correct because everyone signs the given below declaration on their application form which clearly says that bank can disclose our personal information. I might be wrong. Please see it given below and clarify if I am taking it wrong:

"I understand that you will check whether the information and supporting documentation that I have supplied to the UK Border Agency (UKBA) from a bank or utility company is correct. ‘Correct’ means that documents are unaltered originals issued by the bank or utility company and that the information on them is correct and applies to me or the person named as a customer on the document. I agree to the bank or utility company, without seeking any further consent from me, telling you whether the information or documentation I have supplied is correct or in what way (if any) it is not correct. I agree to the bank’s or utility company’s disclosure to UKBA of any relevant personal data they hold on me for the above purposes. If I have not supplied correct information or supporting documentation
to UKBA the bank or utility company may disclose my relevant correct personal data."

[rizwan567]

You bank wouldn't speak to anyone from the UKBA. It's not permitted by law.

On the template letter published by UKBA, the wording is:
----------------------------------------------------------------------------------
CONFIDENTIAL
For the attention of the UK Border Agency
In regards to the application of Mr/Mrs/Ms [Name] for Entrepreneur status in the United Kingdom:
I have the consent of [name] to share these findings with the Agency. I will confirm the contents
of this letter to the Agency at their request.
----------------------------------------------------------------------------------

So account holder and the bank officer is already giving the consent to UKBA to verify the details so UKBA is covered by law. And if the bank official will refuse to comment on the letter upon verification then case will simply be refused on the basis that 'UKBA is unable to verify the document' I have personally seen such refusal myself. For more information see policy guidance where it is stated what will happen when the document check returns inconclusive or bank refuses to cooperate with the inquiry of UKBA.

Forgery is common in third world countries. It is a common practice in third world countries like (Pakistan, India, Bangladesh, Nigeria etc) that UKBA officials inquire about bank statements and bank responds and if proved forged cases are straight refused and deception imposed.

Search the forum and you will see how many applications have been refused in BHCs where they were unable to verify the bank statements.